Is my American Express Gold Card actually harming my credit score?

I%26#039;ve worked hard over the past few years to improve my credit score. I%26#039;ve paid off all of my debt and have %26lt;10% utilization on credit cards during a given month, only charging things here and there and then paying them off to prove I can handle revolving debt responsibly.

I also have an American Express Gold Charge card. I%26#039;ve been using that to charge the majority of my monthly expenses for rewards and, again, to show that I can handle paying off my debts each month.

When looking at my credit report, however, I note that American Express doesn%26#039;t report an upper limit, just the high balance. Since my usage is about the same each month, it looks like I%26#039;m constantly at the high end of that %26quot;utilization.%26quot;

Am I harming my credit by not using a credit card with a high limit to do this charging, or do the bureaus score charge accounts differently?

Is my American Express Gold Card actually harming my credit score?

Keep doing what you are doing and get those points. I do the same thing. I have2 amex cards. My credit is good too. The main thing lenders check for is negative factors. And how much money you have to spend monthly. Just curious what does the account type show on your credit report?

Just to add to this I found something out that they should not list a balance unless you are using your extended payment options or Sign %26amp; Travel, so if you have those then that might be why it shows a high balance but I was also told, that in some cases that since the credit limit is not reported, that it automatically is perceived to be a charge card.

Is my American Express Gold Card actually harming my credit score?

it all has to do with paying all the bills on time...........

nothing else!

you can even pay less than the minimum and if the payment is made before the due date the computer reads it as %26quot;paid on time%26quot;

you can have one bank and one good banker and a perfect credit score. you don%26#039;t need a credit card!

Is my American Express Gold Card actually harming my credit score?

madmilker is incorrect. Credit scoring has to do with a lot more than paying your bills on time. And, yes, it is possible that by using a %26#039;no-limit%26#039; card you can harm your credit score, especially if you charge about the same amount every month.

In most, if not all, credit scoring models, charge cards are not treated any differently than credit cards where no limit is reported. Capital One is known for not reporting limits on any card, and there are several %26#039;no-limit%26#039; Visa and Mastercards by other issuers that have this issue, too.

Here is a story that shows an example of someone whose credit score dropped by 35 - 50 points when he started using a no-limit card for most of his expenses: http://www.bankrate.com/brm/news/cc/2006...

Is my American Express Gold Card actually harming my credit score?

It is true that a credit card like the one you mentioned does affect your credit score. Capital One also does not report a persons credit limit either, but only their high balance. Doing it that was keeps a persons credit score lower, possibly allowing banks to be able to charge higher rates.

Interesting side note about cards with reward points, 80% of people never use their points. Personally I%26#039;d dump that card for a better one, or just use my debit card for less hassle

Is my American Express Gold Card actually harming my credit score?

The following critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.

1. Re-payment history

This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.

2. Outstanding debt

The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is

30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.

3. Length of your established credit history

The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. Read more from: http://www.credit-card-gallery.com/artic...